2023 resilience 🦋 2024 bull run? 🌈
Despite the blows and scars, crypto held on in 2023. As crypto emerges from an extended winter, can it embrace real progress towards mainstream adoption? 2024 promises a year for optimism and action.
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Crypto has had a Christmas to cherish.
2023 has been a turbulent year for the crypto industry, marked not only by market crashes and bankruptcies but also by a flurry of legal action.
The last quarter of 2023, has seen a resurgence of crypto, and the ecosystem gearing up for a potential bull run in 2024.
Crypto’s Resilient Year: Major Tech Milestones in 2023
Despite 2022's setbacks, the crypto ecosystem rebounded in 2023 with significant advancements in blockchain technology.
Here are some key highlights
1. Faster, Cheaper Blockchains: The Rise of Zero-Knowledge Rollups
2023 saw the launch of multiple zkRollups, including zkSync Era, Polygon's zkEVM, Linea, and =nil; Foundation.
These rollups reduce transaction costs and congestion by verifying computations off-chain while proving their validity on-chain.
Unlike optimistic rollups, zkRollups don't rely on fraud proofs, offering stronger privacy and security.
Decentralisation and upgradability of zkRollups remain areas for future improvement.
2. Breaking Down Walls: Improved Blockchain Interoperability
Initiatives like Chainlink's CCIP and LayerZero's partnerships aim to connect various private and public blockchains.
Cross-chain interoperability allows smart contracts on different networks to communicate and transfer assets seamlessly.
This opens up new possibilities for DeFi, cross-chain swaps, lending, and staking.
3. Bridging the Gap: Bringing Real-World Assets On-Chain
Developers are exploring ways to tokenise real-world assets (RWAs) like cash, gold, real estate, and bonds.
Tokenised RWAs can serve as collateral, adding liquidity to DeFi protocols.
Platforms like Centrifuge, Maple Finance, and Goldfinch are leading the charge in on-chain RWA financing.
Crypto Poised for Growth: Making moves in 2024
Leaving behind a turbulent past: The crypto market finally shakes off the dust of failed ventures and scams, focusing on real-world applications and building trust.
Bitcoin reclaims its throne: Amidst shaky global and financial landscapes, Bitcoin shines as a safe haven, attracting new investors and solidifying its role as a store of value.
Traditional finance embraces crypto: Wall Street giants finally open their doors, with major developments like spot ETFs and tokenisation of real-world assets bridging the gap between the two worlds.
2024: A Year of Transformation
Bull market brewing: Easy money policies and positive market sentiment create fertile ground for a potential crypto bull run, starting with Bitcoin potentially surpassing its all-time high early in the year.
Mainstream adoption takes off: The long-awaited approval of spot ETFs and RWA tokenisation opens the floodgates for institutional and retail investors to enter the crypto space, bringing significant capital and legitimacy.
Technology levels up: User-friendly interfaces and improvements in blockchain scalability make crypto more accessible and appealing to the masses, paving the way for a smooth transition from Web2 to Web3.
Three Scenarios for 2024
Cambrian Explosion: This would be an epic bull run, with Bitcoin soaring far beyond its current record and other sectors, especially DeFi, experiencing explosive growth reminiscent of the 2021 boom.
Steady Growth: A more measured but still exciting scenario, with Bitcoin rising gradually on positive news and occasional sideways movements, potentially resulting in a 50-100% return by year-end.
Reset and Rebuild: While less likely, a major market correction could occur, pushing Bitcoin prices below $30,000. However, even this scenario would be temporary, as the underlying fundamentals supporting crypto remain strong.
Beyond the Usual Suspects: New Frontiers in Crypto
Solana Renaissance: This once-overshadowed blockchain is experiencing a resurgence, thanks to its fast and efficient platform attracting developers and users. A mini-DeFi boom on Solana could be in the making.
DeFi 2.0: The DeFi space is far from exhausted. Advancements like derivative DEXs with faster settlements and lower fees could challenge centralised exchanges, while tokenised assets and re-staking strategies might rejuvenate DeFi yields.
Web3 Gaming: The future of gaming is here, and platforms like IMX are leading the charge. With VC investments starting to show results, a thriving Web3 gaming community could emerge in 2024.
Whether you're a seasoned investor or a curious newcomer, 2024 promises to be a pivotal year for crypto. Crypto is poised to emerge from shadows and embrace progress. A year for optimism and action.
TTD Week That Was 📆
Saturday: 1 billion crypto users in 2024? 👀
Friday: Pay in Bitcoin in Argentina 🇦🇷
Thursday: Inscriptions Gold Rush 🎉🥳
Wednesday: The lobbying war ⚔️
Tuesday: Million dollars a day 😳
Monday: Saga is the star🎢
TTD Week in Funding 💰
Tres Finance. $11 million. Crypto taxation startup, offers tax and other financial services for web3 firms.
Medallion. 13.7 million. Platform for artists from promotion, merchandise, digital collectibles and content to foster deeper connections with fans.
Web3mine $6 million. Web3 staking protocol powering open access storage and compute networks.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.